Lots of Landlords are selling up!!

[PassingStranger]

Where is everyone going to live who can't afford to buy?

Alot of landlords are selling. Can't be bothered with all the hassle now.
People aren't paying rent and also trashing houses when they do and costing the owners lots of money to put things right.
On TikTok people are being told to trash houses. [Society gone downhill]

I know there are good tenants, but there are alot of bad ones. Family member works for estate agent and says there are more bad tenants than landlords.

You can trash a house and walk away. Nobody ever gets done for criminal damage on private rents.
There is no register of bad tenants legally allowed either. It's all left to the landlord to sort out at their expense.

Where is all the housing going to come from?
The government donthave enough.
People who are trashing houses and not paying rent are actually spoiling it for everyone..
Alot of lls are selling up now.

And the people who can’t afford to buy?

This thread is laughable, trying to portray landlords as providing an essential service to the needy when they are only in it for the profit. Surely, part of the housing crisis is that landlords have bought up properties, squeezing supply so it outstrips demand and prices rise? If landlords do sell up en masse (which they won't), property prices should fall as supply increases in proportion to demand, and 30 somethings will be able to buy not rent. This in turn will free up rentals for 20 somethings.

Properties have risen in most countries. Not because landlords were suddenly buying. If anything in UK I saw landlords dropping houses for years now

Also plenty of cheap housesand flats to buy around where I am. But... People don't want certain postcodes.

Ultimately properties wont be affordable for people who cant get mortgages and deposits but equally are in an area where its around 10x the local income, so properties will largely be bought by other landlords

Very likely yes, @soupyspoon; I can see that "more properties on the market" may make some difference to prices, but certainly not enough so that even those on the smallest incomes can get a mortgage

Noticeably there's never any reply as to what such folk are meant to do, now that so much social housing's been sold off - something which, interestingly, Labour have been in no hurry to end. Usually there's some prating about housing being a human right, but no detail about how people are supposed to access it

Funny that ...

I've been looking to buy a house for a while now for me to live in. I'd say about one third of those I've seen have been ex-rentals where the landlord has just had enough and is selling up.

The issue really is a regulation issue. I’m not a LL and have rented for my whole adult life and I’ve been in unfortunate position of only being in a home 3 years at a time because the LL has chosen to sell. Oh how I wish I had got a council house when it was easy to 10 years ago - although I’ve also spent my adult life working, a decade later I’m not where I need to be financially because average wages are stagnant, yet everything has gone up - and this housing “free market” has meant that rent prices are insane. my rent and housing costs has always been nearly 2/3 of my salary.

Whilst I’m not against LL having multiple properties, what I’m angry with are the LL that convert houses into horrible HMOs that are over priced yet have high demand, which then means living standards have dropped and you have couples and single people who are working in respectable jobs renting out rooms like they are uni students, instead of a decent 1 bed. You have families renting our 1 or 2 beds despite needing a bigger space - because the price of a 1 bed is equivalent to what a 3 bedroom used to be. There are no family homes and LLs, property developers and planners have taken advantage of the loopholes available in the name of profit. Because people are living in terrible conditions and it’s the norm, it’s dampening our moral and means greedy LLs get away with making this a standard. And sadly make it difficult for the good LLs.

I think we are all being screwed over by the housing market. LLs and tenants. Hopefully this crash means that something will happen- this housing crisis is a disaster.

This thread is laughable, trying to portray landlords as providing an essential service to the needy when they are only in it for the profit

It's true that the provision of housing's an essential service no matter how it's done, @mugglewump, but I'd never suggest that landlords are somehow doing it out of charity ... why would they?

Even for "the needy" someone has to pay for housing, and while the issue's nuanced many landlords are merely filling a gap which will always exist but has been made much worse by the decimation of social housing

So if around 4 million homes were suddenly released onto the market (not withstanding how many retirement rentals there are, not sure about that), who is going to buy those properties. There are 4 million people ready and able to buy those properties, even with a huge drop or perhaps 10 or 15% in real terms?

And having sold up en masse as you said ( I know this is theoretical) where are the 20 somethings living that you referenced?

Oh so you mean private rentals are still necessary?

I agree & think the worst tenants and worst LLs that are so bad people are shocked are both atypical.

I dont think any suggests that private landlords are doing it for the needy, the should be making a profit (as best they can) it is business. Just like anything else which is necessary.

Perhaps take a look into it then, you’ll find that although mortgage interest isn’t deductible, taxpayers get a 20% tax credit for finance costs. You can do the maths after that 🙂

But ideally housing shouldn’t be a business.

landlords used to own the properties outright so they didn’t set the rent so high as everything was profit.

then people starting buying with btl mortgages but a lot understood that the idea was to cover your costs and then after 25 years you’d own the property outright and then everything would be profit - so ideal as retirement income

then along came the people who want to cover the btl mortgage costs and maintenance AND make a profit every month too

So if around 4 million homes were suddenly released onto the market ... who is going to buy those properties. There are 4 million people ready and able to buy those properties, even with a huge drop or perhaps 10 or 15% in real terms?

I'd be very surprised if there'd be even a tenth of that extra 4 million people ready and able to buy, @soupyspoon, but once again you're asking the sort of inconvenient questions which hardly ever get answered

In fairness I did once see someone suggest landlords should give their tenants the property in recognition of all the rent they'd paid, but back in the real world I wish you good luck in waiting for a response

Got it, thanks

Why shouldnt it be a business. Why is food production a business. Why is sanitation and water supply a business. Why is fuel a business

Some of the landlords people are talking about are outright owners, not all landlords have a mortgage. Rents are set by market rate, if a house is standing empty and they cant get anyone, they'll lower the rental, but at the moment 10s and 10s of people are going for one property.

Ive long argued for rental caps and more regulation, Ive long argued for the death of the garantor system. Ive long argued for LA's to pay deposits, but thats tinkering aorund the edges. We need millions of social housing properties built, which means that people who cant or dont want to buy have a choice of a very long term rental with a social housing property or a private rental if they wish.
At present the numbers of households are nearly equal, around 17 or 19% in social housing vs private rentals. Private rentals continue to grow.

I agree.
I have to say though the guys who I got in just took it in their stride. I was completely in awe of their stamina and professionalism.
Chocolate hobnobs all round !

Definitely! Won't make the same mistake again. With the state of most rentals now it will mean living in a run-down place until we can buy. Is what it is.

Yeah the inventory means won't be able to complain about me returning it to the original state or withhold any deposit. It is petty of me, lots of the things I'll be undoing won't be reusable anywhere else, I'm OK with that.

Define cheap

https://knowyourmeme.com/memes/we-should-improve-society-somewhat/

By this logic (supply and demand), one more house in the market = house prices drop = less tenants because more are able to afford to buy property. Problem solved.

The more houses there are to rent price rises don't tend to occur apart from the general rate of inflation. When the hous supply is low price rises above inflation tend to be on the cards.

This is jokes. Unless yr earning 100k.

Just listening to a podcast that noted among other stats that 70% of social housing outside London is occupied by migrants, and just under 50% in London. 40% of those do not speak English and most on benefits. So they will not be able to access private rentals even if they were willing to. So forget any idea about going on tbd ‘council’ list if your private rental LL sells up

This sort of thing I suppose, 1 person on NMW could afford this easily, even better if a couple are both on full time NMW.

Just the first example that comes to mind in terms of location.
https://www.rightmove.co.uk/properties/158672798#/?channel=RES_LET

Similar properties to buy are around 80 to 90k (if you cant find one thats not going to auction), again affordable for 2 people earning full time NMW

There are lots of places in the country like this.

People dont want to live there though.